Math Problem Statement
Find the (a) mean, (b) median, (c) mode, and (d) midrange for the data and then (e) answer the given questions. Listed below are the highest amounts of net worth (in millions of dollars) of all celebrities. What do the results tell us about the population of all celebrities? Based on the nature of the amounts, what can be inferred about their precision? 230 190 175 170 165 165 150 150 150 150 Question content area bottom Part 1 a. Find the mean. The mean is $ 169.5 million. (Type an integer or a decimal rounded to one decimal place as needed.) Part 2 b. Find the median. The median is $ 165 million. (Type an integer or a decimal rounded to one decimal place as needed.) Part 3 c. Find the mode. Select the correct choice below and, if necessary, fill in the answer box to complete your choice. A. The mode(s) is(are) $ 150 million. (Type an integer or a decimal. Do not round. Use a comma to separate answers as needed.) Your answer is correct.B. There is no mode. Part 4 d. Find the midrange. The midrange is $ 190 million. (Type an integer or a decimal rounded to one decimal place as needed.) Part 5 e. What do the results tell us about the population of all celebrities? A. The results tell us that the most common celebrity net worth is the mode, but all other celebrities are expected to have net worths approximately equal to the mean, median, or midrange. B. The results tell us that all celebrities are expected to have amounts of net worth approximately equal to one of the measures of center found in parts (a) through (d). Your answer is not correct.C. Apart from the fact that all other celebrities have amounts of net worth lower than those given, nothing meaningful can be known about the population. This is the correct answer.D. Apart from the fact that all other celebrities have amounts of net worth lower than those given, the results in parts (a), (b), and (d) do not given meaningful results. However, the result from part (c) shows that the most common celebrity net worth is equal to the mode. Part 6 Based on the nature of the amounts, what can be inferred about their precision? A. Since celebrity information is public, these values can be assumed to be unrounded. B. The values all end in 0 or 5, so they appear to be rounded estimates. C. The values are all whole numbers, so they appear to be accurate to the nearest whole number. D. Since no information is given, nothing can be said about the precision of the given values.
Solution
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Math Problem Analysis
Mathematical Concepts
Measures of central tendency
Mean
Median
Mode
Midrange
Formulas
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Theorems
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Suitable Grade Level
Grades 9-12
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